By Bernie Cahiles-Magkilat
Philippine firms are advised to listen to the changing preferences of young workers in order to retain them, a new jobs survey said.
Salary Survey 2020 released by Robert Walters, a global recruitment specialist group headquartered in England and with regional offices in Southeast Asia, highlighted this recommendation as technology and digitalization will continue to shape hiring and requirement trends across the Philippines and Southeast Asia, with hybrid skills, "glocal" talent, potential and transferable skills expected to be in stronger demand.
Robert Walters Philippines Director Monty Sujanani emphasized the importance of companies moving with the times. “We encourage hiring managers in the Philippines to listen and understand the shift in the hiring trends and what this shift means for the company and its employees. The Robert Walters 2020 Salary Survey will help employers satisfy the changing needs and preferences of their highly skilled employees and achieve a high retention rate,” Walters said.
According to the survey, professionals looking to stay in their current roles can expect salary increments of up to 10 percent while those moving jobs can expect to receive a 20 percent to 40 percent salary increase depending on their seniority level and skill set.
As companies continue digitalizing, hiring managers are projected to seek mid-level and senior managers who can lead a team in navigating change and adopting new technologies. Experienced technology professionals with hybrid skill sets have the competencies companies would need.
The continued shift to digitalization will also boost demand for risk and compliance professionals, who will play an essential role in helping companies and organizations address the evolving regulatory requirements and guidelines across the region brought by the growth of digital banking, fintech and online payment solutions.
"Glocal" talent, or professionals with expertise in both local and international culture, mindset and market, will also be in greater demand as more companies embrace internationalization.
Hiring for potential instead of deciding based on experience will influence the decision-making process of more hiring managers as demand for professionals with strong expertise in their own field, technological knowledge and commercial mindset surpasses supply. Remuneration or salary is no longer the sole key motivator for professionals to stay in a job, with an increasing number of employees looking for career progression and learning and development opportunities.
Businesses in 2020 will emphasize more on a data-driven approach, strengthening the demand for technologically and digitally savvy professionals across all functions and ensuring an organization-wide transformation. Professionals with a commercial mindset who can leverage their industry expertise with available data and new technology platforms to make effective business decisions will be in greater demand.
Demand for "glocal" talent – local talent with niche skill sets and international expertise – will remain strong, if not rise even more, in the Philippines. To meet this demand, the Balik Bayan program by Robert Walters reaches out to skilled overseas-based Filipino professionals and help them to find jobs that matches their skills and career goals back home. The program also helps these "glocal" talent find the job that matches their skills and career goals on top of updating them on employment trends in the country.
Although competitive remuneration and benefits remain a top driver of employee satisfaction, 29 percent of those surveyed say they will change jobs for career progression.